Starboard Value LP has built a 4.6% stake in Perrigo Co., worth nearly $600 million, and is urging the drug company to refocus on its core business. The activist shareholder sent Perrigo a letter Sunday criticizing the company for failing to live up to performance targets it set while successfully fending off a $26 billion takeover offer last year from Mylan NV. A copy of the letter was reviewed by The Wall Street Journal.

Source: Wall Street Journal September 12, 2016 02:37 UTC